Golden Predator continues Brewery Creek expansion

Vancouver – Golden Predator (GPD-T) continues to increase the size potential at its flagship Brewery Creek project with encouraging gold hits on the new Sleeman discovery.

Located 2.5 km southeast of the Bohemian-Schooner zone, which the company discovered late last year, Sleeman returned gold mineralization in all holes that reached their target.

Stand-out hole 226 returned 191.5 metres grading 1.46 grams gold per tonne from 4.5 metres depth and hole 229 cut 40.3 metres averaging 1.21 grams gold from 13 metres downhole. Five other holes hit at least 24 metres of mineralization ranging from 0.94 gram gold to 1.65 gram gold, starting from between 24 and 132 metres depth, while one hole was lost above the projected intercept.

The results were enough to propel Golden Predator’s share price up 30¢ or 28% over two days to $1.36 on 7.3 million shares traded.

“We have been rewarded with two major discoveries at Brewery Creek,” stated William Sheriff, chairman and CEO of Golden Predator, “utilizing our geophysical and geochemical data and are looking forward to further defining both the Sleeman discovery, which remains open in all directions, and the growing Bohemian-Schooner Zone.”

The Sleeman zone has a geochemical signature that is distinctly elevated in lead, zinc and silver compared with gold-bearing zones elsewhere at Brewery Creek. Levels average over 700 ppm lead, 1,200 ppm zinc and have regularly hit over 15 g/t silver while other areas average less than 100 ppm lead and 500 ppm zinc with little to no silver.

The company reports that mineralization at the Sleeman Zone is hosted in altered intrusive rocks occurring as a tabular zone dipping moderately to the south-southwest. The zone has been identified to 150 metres depth, at least 100 metres horizontally, and is open along strike and down dip.

With continued success Golden Predator has added $1.5 million to its exploration budget, bringing total planned expenditures to $7.5 million for the year. The company has two core rigs and a reverse circulation rig drilling at Brewery Creek, sitting 55 km east of Dawson City, and is trying to secure another.

The company is also recently started a 1,500-metre drill program on its Harlan project in the Selwyn Basin. The undrilled, 150-sq.-km property sits about 90 km south of Atac Resources’ (ATC-V) Osiris discovery.

Golden Predator has identified two mineralized zones in the area, with the Vortex zone consisting of a northwest-trending gold-bismuth-arsenic-antimony anomaly measuring 1,600 metres by 700 metres, and the West Porphyry zone consisting of a series of east-southeast-trending, steeply south-southwest-dipping altered quartz monzonite dikes.

The company had roughly $19 million in cash in June and recently announced it was getting a further $5.85-million from the sale of its Tonkin Springs project to US Gold (UXG-T). Golden Predator still has a small royalty on newly discovered gold from the project as well as several other royalties in Nevada.